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Report: Unemployment to rise again in 2013

01-23-2013, 10:03 PM

A total of 197 million people were without jobs in 2012, with youth being particularly hard hit, and those unemployment figures will increase again this year, according to an International Labor Organization report released Monday. The bulk of the 4 million newly unemployed in 2012 came from developing economies in East Asia, South Asia and Sub-Saharan Africa, according to the Global Employment Trends 2013 report.

The International Labor Organization, which is a United Nations agency responsible for overseeing international labor standards, made bleak projections of another increase in unemployment worldwide by 5.1 million in 2013 -- which would push the total to 202 million. In 2012, 73.8 million young people were unemployed globally.

"Many young people now experience long-term unemployment right from the start of their labor market entry," said Guy Ryder, ILO Director-General, during a presentation of the report's findings. "When this occurs early on in a person's career, it can do significant damage to their long-term employment prospects."

Although new jobs may open up, they may require different skills than those that match the unemployed workers, according to the report. "Governments should step up efforts to support skills and retraining activities in order to address such mismatches which particularly affect young people," Ryder said. The report advised that the governments should step up efforts to retrain and support job skills to address the differences in work qualifications, with a focus on young people.

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A total of 197 million people were without jobs in 2012, with youth being particularly hard hit, and those unemployment figures will increase again this year, according to an International Labor Organization report released Monday. The bulk of the 4 million newly unemployed in 2012 came from developing economies in East Asia, South Asia and Sub-Saharan Africa, according to the Global Employment Trends 2013 report.

The International Labor Organization, which is a United Nations agency responsible for overseeing international labor standards, made bleak projections of another increase in unemployment worldwide by 5.1 million in 2013 -- which would push the total to 202 million. In 2012, 73.8 million young people were unemployed globally.

"Many young people now experience long-term unemployment right from the start of their labor market entry," said Guy Ryder, ILO Director-General, during a presentation of the report's findings. "When this occurs early on in a person's career, it can do significant damage to their long-term employment prospects."

Although new jobs may open up, they may require different skills than those that match the unemployed workers, according to the report. "Governments should step up efforts to support skills and retraining activities in order to address such mismatches which particularly affect young people," Ryder said. The report advised that the governments should step up efforts to retrain and support job skills to address the differences in work qualifications, with a focus on young people.

A total of 197 million people were without jobs in 2012, with youth being particularly hard hit, and those unemployment figures will increase again this year, according to an International Labor Organization report released Monday. The bulk of the 4 million newly unemployed in 2012 came from developing economies in East Asia, South Asia and Sub-Saharan Africa, according to the Global Employment Trends 2013 report.

The International Labor Organization, which is a United Nations agency responsible for overseeing international labor standards, made bleak projections of another increase in unemployment worldwide by 5.1 million in 2013 -- which would push the total to 202 million. In 2012, 73.8 million young people were unemployed globally.

"Many young people now experience long-term unemployment right from the start of their labor market entry," said Guy Ryder, ILO Director-General, during a presentation of the report's findings. "When this occurs early on in a person's career, it can do significant damage to their long-term employment prospects."

Although new jobs may open up, they may require different skills than those that match the unemployed workers, according to the report. "Governments should step up efforts to support skills and retraining activities in order to address such mismatches which particularly affect young people," Ryder said. The report advised that the governments should step up efforts to retrain and support job skills to address the differences in work qualifications, with a focus on young people.

A total of 197 million people were without jobs in 2012, with youth being particularly hard hit, and those unemployment figures will increase again this year, according to an International Labor Organization report released Monday. The bulk of the 4 million newly unemployed in 2012 came from developing economies in East Asia, South Asia and Sub-Saharan Africa, according to the Global Employment Trends 2013 report.

The International Labor Organization, which is a United Nations agency responsible for overseeing international labor standards, made bleak projections of another increase in unemployment worldwide by 5.1 million in 2013 -- which would push the total to 202 million. In 2012, 73.8 million young people were unemployed globally.

"Many young people now experience long-term unemployment right from the start of their labor market entry," said Guy Ryder, ILO Director-General, during a presentation of the report's findings. "When this occurs early on in a person's career, it can do significant damage to their long-term employment prospects."

Although new jobs may open up, they may require different skills than those that match the unemployed workers, according to the report. "Governments should step up efforts to support skills and retraining activities in order to address such mismatches which particularly affect young people," Ryder said. The report advised that the governments should step up efforts to retrain and support job skills to address the differences in work qualifications, with a focus on young people.

A total of 197 million people were without jobs in 2012, with youth being particularly hard hit, and those unemployment figures will increase again this year, according to an International Labor Organization report released Monday. The bulk of the 4 million newly unemployed in 2012 came from developing economies in East Asia, South Asia and Sub-Saharan Africa, according to the Global Employment Trends 2013 report.

The International Labor Organization, which is a United Nations agency responsible for overseeing international labor standards, made bleak projections of another increase in unemployment worldwide by 5.1 million in 2013 -- which would push the total to 202 million. In 2012, 73.8 million young people were unemployed globally.

"Many young people now experience long-term unemployment right from the start of their labor market entry," said Guy Ryder, ILO Director-General, during a presentation of the report's findings. "When this occurs early on in a person's career, it can do significant damage to their long-term employment prospects."

Although new jobs may open up, they may require different skills than those that match the unemployed workers, according to the report. "Governments should step up efforts to support skills and retraining activities in order to address such mismatches which particularly affect young people," Ryder said. The report advised that the governments should step up efforts to retrain and support job skills to address the differences in work qualifications, with a focus on young people.

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Comment

A total of 197 million people were without jobs in 2012, with youth being particularly hard hit, and those unemployment figures will increase again this year, according to an International Labor Organization report released Monday. The bulk of the 4 million newly unemployed in 2012 came from developing economies in East Asia, South Asia and Sub-Saharan Africa, according to the Global Employment Trends 2013 report.

The International Labor Organization, which is a United Nations agency responsible for overseeing international labor standards, made bleak projections of another increase in unemployment worldwide by 5.1 million in 2013 -- which would push the total to 202 million. In 2012, 73.8 million young people were unemployed globally.

"Many young people now experience long-term unemployment right from the start of their labor market entry," said Guy Ryder, ILO Director-General, during a presentation of the report's findings. "When this occurs early on in a person's career, it can do significant damage to their long-term employment prospects."

Although new jobs may open up, they may require different skills than those that match the unemployed workers, according to the report. "Governments should step up efforts to support skills and retraining activities in order to address such mismatches which particularly affect young people," Ryder said. The report advised that the governments should step up efforts to retrain and support job skills to address the differences in work qualifications, with a focus on young people.

This coming Friday will bring the U.S. Employment Situation from the Labor Department. With significantly lower weekly jobless claims, with a semi-resolution to the fiscal cliff and to the debt ceiling, it might seem like the market may expect a better report this time around.

The Bloomberg consensus report for January unemployment by Bloomberg is 7.7%, which would be down from the 7.8% preliminary reading from December. Bloomberg also lists a private sector payrolls gain to 185,000 in January from 168,000 in December.

The stock market and bond market both key in off of the employment report and upon the expectations of future employment reports. After all, Ben Bernanke and the members of the FOMC have telegraphed that extremely accommodative interest rates will prevail until unemployment gets down to 6.5% and as long as the inflation expectation would not drift above 2.5% per year for more than six months.

Investors have to start expecting better employment reports. Without better jobs, the economic recovery is not going to regain steam. The world has its eyes on the U.S. for maintaining growth on its own right now. This is coming at a time when the S&P 500 is challenging 1,500 and when the DJIA is just shy of 14,000. We also have the 10-year Treasury note trying to get back above 2% after having been down under 1.70% just about a month ago. In the last month the yield on the 30-year Treasury Bond has risen to 3.16% from about 2.85% just 30 days ago.